Terra Classic (LUNC) has experienced a notable price surge despite the community rejecting a proposal to establish an independent community website. The proposal to enhance the community through design processes and concept workshops, similar to Bitcoin.org, failed to gain significant support. Only 4.08% of votes were in favour, while over 21.44% were against. A substantial 62.67% voted, and 11.81% abstained.
Surprisingly, the LUNC token rose by about 5.66% following the rejection. LUNC is trading at $0.00009135 and has increased nearly 26.42% over the past week. This increase underscores the resilience of the Terra ecosystem and is influenced by recent positive updates from Terraform Labs (TFL), which is currently undergoing Chapter 11 bankruptcy proceedings.
Data from Santiment reveals that the LUNC bull rally has boosted its social metrics, with a noticeable rise in Social Volume, indicating growing interest. Binance’s contribution to LUNC burns has also played a role, yet the Weighted Sentiment remains negative, pointing to persistent bearish sentiments in the market.
From a technical perspective, Terra Classic (LUNC) is testing a key resistance level that it must surpass to maintain its rally. The MACD indicator suggests a bullish trend, but the RSI’s slight downtick hints at potential challenges ahead. Significant LUNC liquidations at $0.000086 suggest a possible price correction, leading to a consolidation phase.
The recent rally in LUNC’s price is closely tied to TFL’s Chapter 11 bankruptcy case developments. A recent court order has allowed the reopening of the shuttle bridge and authorized a substantial burn of 150 million LUNA. These updates have generated renewed interest and optimism within the Terra Classic community.
SEC and Terraform Labs Reach $4.47 Billion Settlement in Civil Fraud CaseThe reopening of the shuttle bridge is particularly significant as it enables the movement of large amounts of LUNC and USTC. Data indicates the bridge holds 275.7 billion LUNC and 178.4 million USTC. The community plans to keep the bridge open for one month. If funds are not withdrawn during this period, they would be burned, reducing the circulating supply and potentially increasing the token’s value.
While the Terra Classic community faced a setback when it rejected the website proposal, the LUNC token has demonstrated remarkable resilience and growth. Positive developments from TFL and strategic community actions drive renewed interest and optimism, fueling the current rally in Terra Classic’s market performance.
